Industry Insights

The global smart robots market size was valued at USD 3.44 billion in 2017. It is estimated to expand at a CAGR of 22.4% during the forecast period. Smart robots are Artificial Intelligence (AI)-enabled systems. They can learn from their surroundings, experience, and environment. They can build on capabilities based on feedback database. These machines gain nearly human-like intelligence without being explicitly programmed. They are equipped with high-sensitive sensors to monitor the surrounding environment. Moreover, smart robots offer features such as learning, and self-correction using machine learning technology.

Increase in demand for AI applications, service robots, and popularity of Internet of Things (IoT) are the key growth drivers for the market. However, high implementation costs and less accuracy can restrain the growth. The introduction of automated appliances in consumer electronics and manufacturing sectors is expected to provide lucrative growth opportunities. Adoption of smart robotics is significantly higher in end-use industries such as manufacturing, automotive, healthcare, and retail owing to features such as accuracy and efficiency.

The smart robots market is expected to exhibit substantial growth owing to ability of these systems to work effectively without human assistance. These machines have several benefits such as optimal power consumption, higher efficiency, and high frequency of data and instruction transmission. These factors are anticipated to bode well for the demand in near future. As a result, the market is expected to present attractive opportunities for implementation of advanced technologies.

Innovation and proliferation of technology are expected to serve as the key drivers for the market growth. As a result, the price of smart robots is expected to witness a fall in near future. In addition, factors such as aging population, mobile technology and other smart devices incorporating robotics are anticipated to drive the demand. Moreover, favorable government grants and funds, enhancement of complementary technologies, and venture capital investments are expected to impact the demand positively.

Component Insights

The software segment is expected to witness significant growth over the forecast period owing to increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) applications. Moreover, the software provides highly integrated tools that help developers integrate AI into the system to enable the machine to tackle problems such as language interactions. As a result, the demand is expected to continue increasing over the forecast period.

In 2017, the hardware segment dominated the market owing to rising demand for components such as actuators, sensors, power modules, and controllers. Smart robotics use high accuracy sensors for detecting the surrounding environment. Companies such as Honeywell, Digital Control Systems, and Johnson Controls develop robotic sensors with enhanced efficiency.

End Use Insights

In 2017, the industrial segment dominated the market owing to the increasing adoption of smart robots for manufacturing automation. The demand for industrial robotics is anticipated to grow exponentially over the forecasting period, which can be attributed to advantages such as cost reduction, improved quality, increased production, and improved health and safety at workplace.

Growth of the residential segment is attributed to smart cleaning machine. These machines are equipped with functions such as navigation control systems and sensors, which help them perform tasks automatically. They are utilized for carrying out tasks such as mopping and cleaning among other residential applications. In certain countries, employing domestic workers proves to be costly; hence, smart cleaning robots are employed.

Vertical Insights

With the growing complexity of manufacturing processes and miniaturization of semiconductor and electronics equipment, there is an increase in the use of AI-based smart industrial robots. Rise in applications such as field work, packaging and palletizing, and others is expected to propel demand from manufacturing, automotive, and healthcare among other industries.

In the manufacturing industry, these smart machines are used for designing and planning the stages of manufacturing process, thereby creating a high growth potential. Increasing investments in industrial automation are expected to create opportunities for market growth over the forecast period.

Application Insights

Numerous industries are using smart robots owing to advantages such as increased productivity and flexibility. The introduction of sophisticated tools and development of self-programming robotics are anticipated to gain momentum with advancements in artificial intelligence over the forecast period.

The service robot segment dominated the market owing to increasing demand for mobility and healthcare applications. The security and inspection service segmentis expected to provide lucrative opportunities for growth over the forecast period. Increasing demand for Nondestructive Testing (NDT) applications is anticipated to propel demand in the forthcoming years.

Regional Insights

North America held the largest market share in 2017. This can be attributed to increased IT investments and advancements in sensor technologies. Growing demand for sensors that can be integrated into handheld devices has encouraged technological advancements.

Increased focus of government on energy efficiency and emission control standards has resulted in proliferation of gas sensors in the European automotive sector. The growth in end-use industries and increasing avenues for the use of gas sensors are also expected to be the major growth drivers in this region.

Manufacturers focus on investing in R&D facilities with an aim to boost the technology.Key players have employed innovative concepts and ideas, improved manufacturing techniques, and enhanced their products and profitability to gain a competitive edge. They have adopted product launch as their key developmental strategy to cater to the escalating demand from end users. Furthermore, they have also undertaken acquisitions and expansions to improve their product offerings and to boost production process as well as to expand sales in different geographies.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global smart robots market report based on component, application, end use, vertical, and region: